IPVG quashes rumors about Enrique Razon venture

Listed firm IPVG Corp. has issued a warning against investors conducting speculative trades on the company’s shares based on rumors of a possible venture into the lucrative casino business in partnership with billionaire Enrique Razon Jr.

“I feel the need to make a clear and unequivocal statement regarding this matter in the interest of the investing public,” IPVG president and CEO Enrique Y. Gonzalez said in a disclosure.

Gonzalez was referring to recent reports of the alleged entry of Razon, who owns the country’s largest port developer International Container Terminal Services Inc. (ICTSI), into IPVG.

Razon reportedly wanted his gaming company Bloomsbury Investments to go public, and IPVG was supposed to be the vehicle that would carry it through.

Bloomsbury is one of four companies licensed to build casinos at the Philippine Amusement and Gaming Corp. (Pagcor) Entertainment City in Parañaque.

“While we have made earlier disclosures to the Philippine Stock Exchange on this very topic, stating the facts regarding the status of our restructuring program, there have been recent news articles that continue to speculate on a supposed impending transaction,” Gonzalez said. “Any article referring to a supposed impending deal is speculative at best.”

According to Gonzalez, the company is still in talks with several potential investors.

“We want all shareholders to have equal and timely access to material information, and our company will certainly make the necessary disclosures should there be a material event,” he said.

IPVG, formerly a holding firm for technology companies, earlier announced a restructuring program to increase the value of the company.

IPVG stock reached a record P3.87 per share last week amid rumors of Razon’s entry. It was up from the previous high of about P2.80.